Five Ways Entrepreneurial Communities Bring Value To Your Business

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Five Ways Entrepreneurial Communities Bring Value To Your Business

Summary: Starting and running a business can be tough, especially if you're doing it alone. Not only is starting and running a business tough, but it can also be incredibly lonely. You're constantly making decisions on your own and don't have anyone to bounce ideas off of.⁣

✨Listen in to how finding an entrepreneur community that you can count on can provide you with incredible benefits you need to take your business to the next level. ⁣

Does it ever feel like you have the weight of the world on your shoulders when it comes to growing your service-based business?

If you do, I can promise that you’re not alone in this…especially as a woman entrepreneur!

We are fiercely independent, but as honorable of a character trait as that is, the reality is that this independence can ultimately hurt us and limit our ability to achieve growth. That being said, the next step in unlearning this blind independence and creating a system that’s more sustainable. How exactly do we do that?

By being part of an entrepreneurial community! Let’s dive into it, shall we? 

I can already guess that you’ve been asked to join about 50 groups already, because, let’s face it: there is certainly not a shortage of them. You can likely click on any other business coach or organization out there and find four different groups to join, six different FB pages to “like,” and 10 different links to check out.

The options are endless, really. Which is exactly why it’s important to possess an effective filter or lens through which you can look at these communities and make good and strategic decisions about which ones are the right ones for you.

A development of this fine-tuned lens starts with understanding what a community is and what purpose it’s supposed to serve in the first place.

A basic definition of a business community is as follows:

“A virtual or physical place where like-minded business owners come together with a common interest or need, who use that community to further their interests and goals.”

There are a variety of different entrepreneur communities out there, including:

  • Facebook Groups
  • LinkedIn Groups
  • Incubators
  • Networking Groups
  • Advocacy Communities
  • Peer Networks
  • Masterminds
  • Certifications

As with most things in life, each of these communities have their strengths and weaknesses. That being said, you should have absolute clarity surrounding what it is that you’re looking for out of the group you join. For example, you would not necessarily go to a lead generation group for advice on your business. Instead, you would go to a mentor or trusted colleague in business. Think about the type of advice and/or support that you need and seek out the right kind of group for the job. 

When you have the right people on your team, magic happens. Here’s a little more about what I mean:

How a Business Grow in an Entrepreneurial Community

Gone are the days when you could be successful solo.

If you have big goals and want more cash coming into your business than going out, chances are you will need people to be a part of that equation. With the right entrepreneurial community, you can bridge the gap between your initial business success and scaling that success into a profitable, sustainable, and thriving system that builds a brighter future for yourself, your family, and, hopefully, society.

The Value of An Entrepreneurial Community

So, what exactly can an entrepreneurial community do for us? The answer extends so far beyond just these next five bullet points, but let’s get into them anyways.

1. The ability to grow a network. 

We want you to extend your network past your lead generation and into different industries. Why? Because sometimes the best ideas come from outside of our industry.

Once you begin to look at problems differently, it will help grow your clients, and you’ll start developing your network through:

  • Relationships
  • Partnerships
  • Strategic alliances
  • Leveraging people’s networks
  • Introductions
  • Doors opening

So, first, start to look for the best practices across different industries. Then, tailor those practices to your business and industry and see how you reap similar benefits and success. This will provide you with very valuable perspectives that can put you miles ahead of the competition.

2. A structure to maintain focus.

Even if the one thing that you are doing is not the right thing, you will get further by completing the task than playing the game of ‘shiny object.’

There will be a time in your business when you have reached a threshold of success, and now you simply don’t know the next step you need to take. You are aware that you don’t know what to do next…and you might even get lured in by the false promises of “shiny object syndrome”. Luckily, this is where an entrepreneurial community comes in. A community of like-minded individuals can help you understand where you are, ask you tough questions, and clarify your next move so that you don’t get distracted by all of the potential possibilities in front of you. 

At the end of the day, there are so many paths you could take as a seasoned entrepreneur. It’s the community’s job to help you narrow those options down to one and encourage you to see it all the way through to the end.

3. Access to mentorship.

Mentorship can help you: 

  • Avoid mistakes.
  • Avoid wasted time.
  • Avoid wasted dollars.
  • Get the results you need quicker.

It’s best to start in smaller groups where you can feel more seen and heard. With this in mind, I recommend a group of five or less, which is usually referred to as a “ semi-private mentorship.” This kind of mentorship will help keep you accountable because there are multiple sets of eyes on you that are also offering multiple, valuable perspectives.

In our small biz community, we hear endless success stories that are the direct result of phenomenal business-women taking the advice, encouragement, and support of their group members and using it to propel them towards success! Of course, there is no guarantee, but if entrepreneurs in our group continue to experience success from mentorship, you have a good shot! Ultimately, a community is all about giving you the best chance to grab hold of your success as possible.

4. Access to resources:

Combining your resources with those of an experienced community will save you time that you likely would have otherwise wasted. 

Examples of resources include:

  • A new CRM.
  • Time tracking app.
  • Project management software.
  • Billing software.

No matter the resource, you can check-in with your community and speak to someone who has probably already vetted the program/app/idea that you’ve got your eyes on. Basically, being part of a community is similar to having a team that does all of the heavy lifting without any of the payroll.

5. Lifting you as you rise.

Probably the most exciting part of being involved in a business community is seeing all the ways that you can both give and receive generously.

For example, I have the same train of thought about my business coaching services! When I GIVE of my time and talents, I gain the experience and the knowledge to teach clients the same set of skills repeatedly. When I do this over and over, I start to communicate things better and, in turn, RECEIVE a develop a deeper understanding of what it is that I’m teaching. It really is a beautiful system of willing reciprocity!

Closing Thoughts:

Well, there you have it – the five ways that being part of a business community can help you experience growth within your business! When you start to implement these five strategies and lean into an entrepreneurial collective, it will help launch your business to newer heights (both in profits and sustainability). 

Are you ready to FINALLY create a strategy that brings in repeat customers and residual income WITHOUT piling on dreaded client acquisition costs!

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